Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Shares of sports apparel retailer Genesco (NYSE: GCO) are taking a victory lap today after jumping as high as 15% on very heavy trading volume.

So what: The operator of Lids, Sports Fan-Attic, and Journeys -- among many other retail concepts -- just reported a terrific first quarter of 2012, blowing both sales and earnings estimates out of the endzone. Lids and Journeys led the charge by showing double-digit comparable store growth year over year.

Now what: The sportswear sector has been strong lately as Genesco, Foot Locker (NYSE: FL), and The Finish Line (Nasdaq: FINL) all outran the S&P 500 benchmark over the last year. The retailers are still rather poor substitutes for red-hot equipment designer lululemon athletica (Nasdaq: LULU), whose wares they peddle and whose shares they trail, but then we're talking about a whole 'nother class of risky growth stock. Genesco and its peers are proving their worth as steady-as-she-goes value gainers, with a dash of execution-powered excitement thrown in for good measure.

Interested in more info on Genesco? Add it to your watchlist.

Fool contributor Anders Bylund holds no position in any of the companies discussed here. The Motley Fool owns shares of lululemon athletica. Motley Fool newsletter services have recommended buying shares of lululemon athletica. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool is investors writing for investors.